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Italian bad-loan manager AMCO raises €1B in capital

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Italian bad-loan manager AMCO raises €1B in capital

Italian state-owned bad-loan manager AMCO - Asset Management Company SpA raised €1 billion in fresh capital, the company said Dec. 20 in a statement.

The capital raise was fully subscribed and paid-in by AMCO's sole owner, the Italian Ministry of Economy and Finance, and increased the company's capital to about €1.8 billion from roughly €800 million.

Meanwhile, AMCO completed the acquisition on a nonrecourse basis of a nonperforming loan portfolio from local lender Banca Carige SpA. The portfolio has a gross value of about €2.8 billion and the deal will increase AMCO's AUM to roughly €24 billion.